News Broadcasting
Polls in mind, Dikshit opposes CAS
MUMBAI: The political tango around the introduction of conditional access in India just refuses to simer down. The Delhi Government on Saturday opposed the implementation of Conditional Access System (CAS) from 14 July, saying confusion prevailed over the new system and claiming that the consumer was not given any alternative.
“There is still confusion in the minds of the people about the new system. No one knows where the set-top box is available and what is the cost of the box and the services to be provided,” Delhi chief minister Sheila Dikshit was quoted by Press Trust of India as saying after addressing a party rally in the capital.
Claiming there was something “fishy” in the entire deal, Dikshit said implementing CAS without giving any alternative to the consumer would only put an additional burden on the general public.
As in Mumbai, where the ruling coalition at the Centre’s constituent and ideological ally of the BJP, the Shiv Sena, opposes CAS, it is politics that is at play here as well. With Assembly elections round the corner, the Congress-ruled Delhi government is eyeing the controversy as a perfect issue to attack its major rival in the capital, the BJP.
They have said DTH would be operational within three to four months. Once that happens, CAS will almost become redundant, said the chief minister. She added that in other countries, the set-top box is in-built into the TV. Despite the sops offered by the Centre, she wondered where was the need for introducing a separate set-top box in India.
There seemed to be a political link working even in Saturday’s announcement by Zee Group cable arm SitiCable boss (also Zee tele’s additional vice chairman) Jawahar Goel that the MSO was giving “introductory” offer for all pay channels it provided to its CAS-enabled subscribers. At Rs 128 (excluding local taxes that are levied on last mile operators) + Rs 72 (excluding local taxes) for about 60 free to air channels that was cheaper than what other cable ops were offering – Rs 222 plus taxes.
Goel had said, “The introductory offer is likely to be valid till the (state) elections.” Delhi and some other Indian states are going to polls later this year in October-November.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
